China's state-owned chemicals inch toward megamerger

BEIJING -- Sinochem Group and ChemChina are taking steps toward forming a single mega-sized, state-owned company with over $150 billion in annual sales, following up on their decision this month to integrate agrochemical businesses.

Publicly listed subsidiaries of both groups said Thursday that they received a letter saying Sinochem and ChemChina are "planning for a strategic restructuring." No further details were provided.